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Makuchaku
New Member

Tax implications for transferring my own tax paid savings from India to USA

Hi everyone,

 

I'm planning to transfer my own tax paid savings (>$100k) from India to USA via a forex transfer.

 

These savings (& source bank accounts) are well declared in my previous FBAR filing.

 

Will I own any income tax in USA on the money received via this forex transfer?

 

Thank you!

3 Replies
Critter
Level 15

Tax implications for transferring my own tax paid savings from India to USA

There is no INCOME tax implications for moving YOUR OWN money from one "pocket" to another "pocket" because it is not INCOME  thus it is not reported on an INCOME TAX return. 

Makuchaku
New Member

Tax implications for transferring my own tax paid savings from India to USA

That's great to know. Any forms for IRS i need to fill to showcase this exchange of money?

 

Thanks!

DoninGA
Level 15

Tax implications for transferring my own tax paid savings from India to USA


@Makuchaku wrote:

That's great to know. Any forms for IRS i need to fill to showcase this exchange of money?

 

Thanks!


No, there are not any IRS forms that you need to complete for a transfer of these funds.

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